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GameStop reported Thursday that its losses narrowed while markets ended a sustained losing streak.
The Dow Jones Industrial Average rose 183.56 points, or 0.55%, to close at 33,781.48. The S&P 500 rose 29.59 points, or 0.75%, to close at 3.963.51, and the Nasdaq rose 123.45 points, or 1.13%, to close at 11,082.00.
Recession concerns mounted over the week ahead of the Federal Reserve’s two-day meeting to determine interest rates. Stronger-than-expected economic reports have stoked fears that the fed will continue to aggressively raise interest rates to get inflation under control. There are concerns that too many increases at too high of a rate could push the economy into a recession.
The S&P dropped for five straight days and the major indexes declined over several days until Thursday’s modest rally, led by a big boost from GameStop (GME). Shares of the video game retailer jumped 11.28%, or $2.51, to close at $24.77, after reporting losses of nearly $95 million for the latest quarter compared to a loss of about $105 million for the same period last year.
Some stocks that advanced Thursday included Apple (AAPL), which closed at $142.965, up $1.71, or 1.21%. Amazon‘s (AMZN) price of shares rose $1.89, or 2.14%, to close at $90.35.
“We had a strong selloff over the last few days and it doesn’t take much to create even the underpinnings for a modest rally,” Quincy Krosby, LPL Financial’s chief global strategist, told CNBC.
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